Hancock Prospecting Pty Ltd Acquires New Shares in Etsy, Inc. $ETSY

Key Points

• Hancock Prospecting Pty Ltd invested approximately $3.54 million in Etsy, acquiring 75,000 shares, which now represents 0.1% of their portfolio.
• Insider activity included CEO Josh Silverman selling 21,666 shares, reducing his holdings by 25.69%, while other directors also decreased their positions significantly.
• Analysts have adjusted their price targets for Etsy, with Raymond James raising its target to $70, reflecting a strong outlook despite recent quarterly performance misses.

Hancock Prospecting Pty Ltd acquired a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,000 shares of the specialty retailer's stock, valued at approximately $3,538,000. Etsy makes up 0.1% of Hancock Prospecting Pty Ltd's portfolio, making the stock its 20th biggest position. Hancock Prospecting Pty Ltd owned about 0.07% of Etsy at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ETSY. Versant Capital Management Inc raised its holdings in Etsy by 1,066.3% in the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer's stock valued at $454,000 after buying an additional 8,797 shares during the period. Cooper Financial Group raised its position in Etsy by 31.3% in the first quarter. Cooper Financial Group now owns 18,962 shares of the specialty retailer's stock valued at $895,000 after purchasing an additional 4,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Etsy in the first quarter valued at about $288,000. Brooklyn FI LLC purchased a new position in Etsy in the fourth quarter valued at about $5,229,000. Finally, JBGlobal.com LLC raised its position in Etsy by 68.2% in the first quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer's stock valued at $606,000 after purchasing an additional 5,206 shares during the period. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Stock Down 1.1%

NASDAQ ETSY traded down $0.65 during trading hours on Friday, hitting $58.94. The company had a trading volume of 4,196,095 shares, compared to its average volume of 4,958,342. Etsy, Inc. has a fifty-two week low of $40.05 and a fifty-two week high of $70.57. The firm has a market cap of $5.84 billion, a P/E ratio of 47.53, a price-to-earnings-growth ratio of 3.68 and a beta of 1.77. The business has a fifty day simple moving average of $58.93 and a 200-day simple moving average of $52.46.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The business had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. Equities analysts forecast that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 140,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $65.00, for a total transaction of $9,100,000.00. Following the completion of the sale, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,073,810. This trade represents a 69.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director M Michele Burns sold 14,464 shares of Etsy stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $62.82, for a total value of $908,628.48. Following the completion of the transaction, the director owned 19,964 shares in the company, valued at $1,254,138.48. The trade was a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 316,482 shares of company stock worth $19,130,691 in the last ninety days. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ETSY shares. JPMorgan Chase & Co. upped their price objective on shares of Etsy from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Stifel Nicolaus boosted their price target on Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Arete upgraded Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective for the company in a research note on Thursday, August 7th. Arete Research upgraded Etsy from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 7th. Finally, Guggenheim lifted their price target on Etsy from $50.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $57.80.

Etsy Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.